Consolidating high interest monthly debt like credit cards and medical debt can save you a ton each month.
If your house has increased in value, you can use that equity to get cash-out, for whatever you need!
Making sure your monthly income exceeds your monthly payments by consolidating debt can help you save each month. You could even pay more principal each month and payoff your mortgage faster.
Consolidation Mortgage Calculator
The calculator below is for consolidating a 1st and 2nd mortgage - Either a Home Equity Line of Credit (HELOC) or Home Equity Loan into one mortgage. If you are looking for an example of paying off high-interest debt as part of your mortgage, please click the link below to see an example.
High Interest Debt Consolidation Mortgage Example
This calculator will help you decide whether or not it would be advantageous for you to consolidate a first and second mortgage and refinance into a single mortgage with a lower interest rate. Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs. Note: Be sure to only include the principal and interest portion of your monthly mortgage payment, i.e., do not include any escrow portions (property taxes, insurance, etc.). Use our Consolidation Calculator to assess your mortgage options.
For more information about debt consolidation, mortgage refinancing, and other mortgage services, visit The Tim Hawkes Team. Our experienced team is here to help you achieve your financial goals. Feel free to reach out to us at 801-820-7620 for personalized assistance.